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Chile is the eighth country in the region to sign this Convention, which shows that we have made progress, but there is still much ground to cover. We hope that this signing will attract the attention of other Latin American countries that want to be included in this important multilateral co-operation instrument.

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In recent years, the region has achieved impressive progress. Following one lost decade and two decades of huge effort, the majority of Latin American countries now have consolidated democracies, functioning public institutions, stable finances, economies that are open to trade flows and investment, and an increasing number of transnational enterprises.

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Sound macroeconomic policies and the commodity boom have helped Chile record an enviable period of economic growth and job creation. Further reforms are needed to make the labour market more inclusive and growth greener, while more could be done to support innovation and entrepreneurship, according to the latest OECD Economic Survey of Chile.

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Chile has made major gains in prosperity. Continued reforms to labour markets will help growth to be shared more equally. Ensuring that economic gains are sustainable will require sustained efforts to foster entrepreneurship and innovation.

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The global scenario is less benign for the region due to a downturn in global trade, a decline in commodity prices and increased uncertainty surrounding external financing, says the new Latin American Economic Outlook.

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After a decade of relatively strong growth, Latin America is facing headwinds associated with declining trade, a moderation in commodity prices and increasing uncertainty over external financial conditions, according to the latest Latin American Economic Outlook jointly produced by the OECD Development Centre, the UN Economic Commission for Latin America and the Caribbean (UN ECLAC) and CAF - Development Bank of Latin America.